So you’ve been perusing for a new property over the last couple of months and happen to fall on a listing that your past broker has for sale and absolutely love it. You call him, set up a visit and when you see this property, you know right away it’s the right one for you, it checks all your boxes, offers the perfect location and fits comfortably in your budget! Only thing left is to have your realtor list your home right?
THINK AGAIN….
The OACIQ recently changed some rules regarding “conflicts of interest” that no longer allows this situation to happen… Let’s recap so you can understand. Broker X, who happens to be your real estate agent (used them in a past purchase, a friend, maybe someone your family uses etc.) Lists a home for sale that fits your criteria. You visit this house with broker x and want to make an offer conditional upon the sale of your home. This is possible, so Broker X writes up your offer, presents it to the vendors and once it gets accepted…. Leaves you on your own to find a broker to now put your home for sale because of something the OACIQ believes is a conflict of interest. How do we feel about it? Confused, and feeling sorry for the clients that genuinely trust us.
Now, we do understand the definition of conflict of interest, and see how the OACIQ has succumbed to the multiple allegations in the last 2-3 year concerning brokers and conflicting interests in real estate transactions… but we feel as though the client should always have the choice to make a decision that fits their needs and allows them to feel comfortable in their transaction.
As a client that is making a conditional offer on a home, you just went through days, maybe even a couple of weeks writing up an offer with broker x, going through the condition of inspection, starting the finance process, and just when you started to feel comfortable with this broker, his order (OACIQ) bans him from working with you because they believe that his interest in the sale of your home is conflicting with the sale of his original sellers home… Not crazy right?
The subject gets very confusing when you learn that if you are shopping with your broker and make a conditional offer with him on a listing that is not his, he can represent you in the purchase and the sale… Why is there no conflict here?
So here’s our spin on this… Just like the double representation issue the OACIQ faced in 2022, Why not allow the client to sign a notice of disclosure // waiver to conflict of interest allowing him to in consequence choose the broker he feels most comfortable with… Remember during the example we made it seem as though we simply contacted someone we knew that had a home for sale.. but what if you have been visiting properties with broker x for 8 months with the intention of finding a home, and then allowing him to sell yours… How much would it suck to have to start trusting a stranger again?
Let us know what you think by sending us an email, contacting us by phone! We’d love to hear how the public truly feels about this.
